Q1 2026 Aperam SA Earnings Call Transcript
Key Points
- Aperam SA (APEMY) has seen a solid spread expansion year-to-date due to rising stainless steel and scrap prices.
- The company expects a low double-digit valuation effect in Q2, similar to Q1, which could positively impact financial performance.
- Aperam SA (APEMY) is benefiting from reduced imports in Europe, leading to increased utilization at stainless mills.
- The company is on track with its synergy targets, expecting EUR 9 million in synergies for the year.
- Aperam SA (APEMY) has made structural improvements in working capital, contributing to a strong performance in Q1 and encouraging guidance for Q2.
- There is no underlying demand improvement in Europe, with demand remaining flat at a low level.
- The company has not explicitly mentioned any price cost effects in its Q2 guidance, raising concerns about potential cost pressures.
- Aperam SA (APEMY) faces potential risks from an import surge before the July quota implementation.
- The impact of Indonesian mining regulations and rising nickel prices could affect the company's stainless and alloys businesses.
- The company's current scenario is primarily driven by supply-side competition, with no significant demand triggers in sight.
(technical difficulty) Hi, good afternoon. Thank you very much for joining our conference call today.
All our comments were contained in the podcast that we published this morning, which you know supports our quarterly financial reporting and where applicable are disclosure of regulated information.
We hope we can also save more time so you can ask pertinent questions during this call. Together with my colleague, Nicolas Shanjoua, I'm looking forward to this dialogue with you. So let's start right away with the Q&A. Operator, can you please open the lines? Thank you.
Questions & Answers
Tristan Gresser and BNP Paribas.
Yes, hi, thank you for taking my questions. The first one is on Stainless Europe. We've seen US stainless price rising close to EUR600 per tonne since Q4. Scrap prices are also up, maybe EUR400 per tonne. So, it looks like you have a solid
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